直覺電腦 (INTU) 2026 Q3 法說會逐字稿

Good afternoon. My name is Cloe, and I will be your conference operator today. At this time, I would like to welcome everyone to Intuit's Third Quarter Fiscal Year 2026 Conference Call. (Operator Instructions)

下午好。我叫 Cloe，今天將擔任各位的電話會議接線員。此刻，我想歡迎各位參加 Intuit 2026 會計年度第三季電話會議。(接線員指示)

With that, I'll now turn the call over to Anne-Sophie Seigneurbieux, Intuit Senior Vice President of Investor Relations, Corporate and Strategic Finance. Ms.

接下來，我將把電話交給 Intuit 投資人關係、企業與策略財務資深副總裁 Anne-Sophie Seigneurbieux。Seigneurbieux 女士。

Seigneurbieux?

Seigneurbieux？

Thank you, Cloe. Good afternoon, and welcome to Intuit's third quarter fiscal 2026 conference call. I'm here with Intuit's Chairman and CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla. Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations.

謝謝你，Cloe。下午好，歡迎參加 Intuit 2026 會計年度第三季電話會議。我與 Intuit 董事長兼執行長 Sasan Goodarzi，以及我們的財務長 Sandeep Aujla 一同出席。在開始之前，我想提醒各位，我們的發言將包含前瞻性陳述。有多項因素可能導致 Intuit 的結果與我們的預期出現重大差異。

You can learn more about these risks in the press release we issued earlier this afternoon or our Form 10-K for fiscal 2025 and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statements. Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release.

您可在我們今天下午稍早發布的新聞稿，或我們 2025 會計年度的 Form 10-K 以及其他向 SEC 提交的文件中，進一步了解這些風險。上述文件皆可於 Intuit 官網 intuit.com 的投資人關係頁面取得。我們不承擔更新任何前瞻性陳述的義務。本次發言中的部分數字以非 GAAP 基礎呈現。我們已在今日新聞稿中對 GAAP 與非 GAAP 的可比數字進行調節。

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period and the business metrics and associated growth rates refer to worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends. With that, I'll turn the call over to Sasan.

除非另有說明，所有成長率均指本期相較於去年同期；而業務指標及其相關成長率均指全球業務指標。本次電話會議結束後，我們的網站將提供事先準備的講稿與補充財務資訊。接下來，我把電話交給 Sasan。

Great. Thank you, Anne-Sophie, and thanks to all of you for joining us today. We delivered strong overall results this quarter with Q3 revenue growing 10% as we made significant progress executing on our AI-driven expert platform strategy. As a result, we're raising total company guidance for revenue and all non-GAAP metrics for the full fiscal year. We delivered significant growth in key areas across the company, assisted tax, money, portfolio and mid-market, all growing north of 30%.

很好。謝謝你，Anne-Sophie，也感謝各位今天加入我們。本季我們交出強勁的整體成果，第三季營收成長 10%，同時在執行我們以 AI 驅動的專家平台策略方面取得重大進展。因此，我們上調全公司全年營收與所有非 GAAP 指標的財測指引。在公司多個關鍵領域，我們實現顯著成長：協助式報稅、資金、投資組合以及中型市場業務，皆成長超過 30%。

We also experienced headwinds with the most price-sensitive segment of DIY filers in TurboTax, which I will unpack shortly. First, let me reground everyone in our durable strategy to win as an AI-driven expert platform. In our category, accuracy, compliance, security and trust of financial decisions are critical given the liability that comes with us. Our powerful combination of proprietary data, domain-specific AI platform capabilities and AI-powered human expertise is setting the standard for trusted financial intelligence. Ultimately, customers by confidence, not code, which is why they spend at least 7x more on accounting and tax experts than on software alone.

同時，我們也在 TurboTax 的 DIY 自行申報族群中、最具價格敏感度的客群面臨逆風，我稍後會進一步說明。首先，讓我再次強調我們作為 AI 驅動專家平台致勝的長期策略。在我們的類別中，鑑於我們所承擔的責任，財務決策的準確性、合規性、安全性與信任至關重要。我們將專有資料、領域專屬的 AI 平台能力，以及 AI 強化的人類專家能力強力結合，正在為可信賴的財務智慧樹立標準。最終，客戶購買的是信心，而不是程式碼；這也是為什麼他們在會計與稅務專家上的花費至少是單純購買軟體的 7 倍。

Intuit brings together data, AI and human expertise into a single system of intelligence that does the work for customers. Our platform enables businesses to manage from lead to cash, and consumers from credit building to wealth building all in one place so they can make high stakes financial decisions with confidence. As we look at our overall performance, we see both exceptional momentum and meaningful opportunity. Our big best of ignited growth engines, assisted tax money portfolio and mid-market that are all growing north of 30%. Our focus now is on scaling these growth engines will even greater speed and impact.

Intuit 將資料、AI 與人類專業整合為單一智慧系統，替客戶完成工作。我們的平台讓企業能在同一處從商機到收款進行管理，也讓消費者能在同一處從建立信用到累積財富，從而能更有信心地做出高風險的財務決策。回顧整體表現，我們同時看到卓越的動能與重大的機會。我們的「大、最佳」點燃了成長引擎：協助式報稅、資金、投資組合與中型市場，皆成長超過 30%。我們目前的重點是以更快的速度與更大的影響力擴大這些成長引擎。

Let's now talk about our overall consumer performance and tax. Our consumer platform grew 8% this quarter, credit carbon grew 15%, and we expect TurboTax to grow 7% for the full year. To set context, total IRS filers are expected to decline by approximately 30 basis points this season, representing a gap of roughly 2 million units versus macro expectations and the most significant industry-wide contraction since the post-COVID tax season. As the category leader, this headwind impacted results among both existing and new customers across all demographics. Against this backdrop, we expect TurboTax online paying units to grow 2%, driven by share gains among higher ARPU filers.

接下來談談我們整體的消費者表現與稅務業務。本季我們的消費者平台成長 8%，Credit Karma 成長 15%，我們預期 TurboTax 全年成長 7%。為提供背景，本報稅季 IRS 申報人數預期將下滑約 30 個基點，較宏觀預期少約 200 萬件，這是自 COVID 後報稅季以來全產業最顯著的一次收縮。作為類別領導者，這股逆風影響了各族群中既有與新客戶的表現。在此背景下，我們預期 TurboTax 線上付費申報件數將成長 2%，主要由較高 ARPU 申報者的市占提升所帶動。

We also expect ARPU to increase 11%, reflecting continued demand for assistance and faster access to refunds. We saw significant strength in an area that's critical to our strategy and long-term growth formula, disrupting the $37 billion assisted tax category, 88% of the total TurboTax TAM. We expect TurboTax Live customers to grow 38% this year with new TurboTax Live customers up 29%, excluding the impact of onetime offers. Our local expert strategy played a key role in TurboTax Live acquisition with 36% of those acquired through local channels being new to TurboTax. As a result, we expect TurboTax Live revenue to grow 36% this year, well above our long-term expectation of 15% to 20% revenue growth.

我們也預期 ARPU 將提升 11%，反映市場對協助服務與更快取得退稅的需求持續存在。在一個對我們策略與長期成長公式至關重要的領域，我們看到顯著的強勁表現：顛覆規模 370 億美元的協助式報稅類別，該類別占 TurboTax 總 TAM 的 88%。我們預期今年 TurboTax Live 客戶數將成長 38%，其中新 TurboTax Live 客戶成長 29%（不含一次性優惠的影響）。我們的在地專家策略在 TurboTax Live 的獲客上扮演關鍵角色，透過在地通路取得的客戶中，有 36% 為首次使用 TurboTax 的新客。因此，我們預期今年 TurboTax Live 營收將成長 36%，明顯高於我們長期 15% 至 20% 的營收成長預期。

TurboTax Live will therefore represent over half of TurboTax revenue, up 11 points versus last year, a significant milestone in our journey to disrupt the assisted category. This is a testament to the value we're delivering in a high stakes regulated environment. Shifting to the DIY segment, representing a $5 billion TAM or 12% of our total TurboTax TAM. I'm constructively dissatisfied with our performance. We faced pressure among the most price-sensitive DIY filers earning less than $50,000 a year.

因此，TurboTax Live 將占 TurboTax 營收的一半以上，較去年提升 11 個百分點，這是我們顛覆協助式類別旅程中的重要里程碑。這證明我們在高風險且受監管的環境中所交付的價值。轉向 DIY 自行申報族群，其 TAM 約 50 億美元，約占 TurboTax 總 TAM 的 12%。我對我們的表現抱持建設性的「不滿意」。我們在最具價格敏感度、年收入低於 50,000 美元的 DIY 申報者中面臨壓力。

We locked on price. To reaccelerate this part of our business, we will evolve our business model by delivering the right lineups and price points to meet simple filers needs at the low end and lean into the power of our broader consumer platform to monetize beyond tax. The flywheel effect we saw across our consumer platform this season gives us further confidence in our strategy. Average revenue per user is approximately 30% higher for customers using both TurboTax and Credit Karma compared to customers using TurboTax alone, and we are seeing over 35% of TurboTax customers adopt our fast money offerings. As a result, we expect to deliver 26% revenue growth across our consumer money portfolio this year.

我們在價格上被鎖定。為了讓這部分業務重新加速，我們將透過提供合適的產品組合與價位，滿足低端簡單申報者的需求，並善用更廣泛的消費者平台力量，在稅務之外進行變現，以此演進我們的商業模式。本報稅季我們在消費者平台看到的飛輪效應，讓我們對策略更具信心。同時使用 TurboTax 與 Credit Karma 的客戶，其每用戶平均營收（ARPU）約比僅使用 TurboTax 的客戶高出 30%，且我們看到超過 35% 的 TurboTax 客戶採用我們的快速資金（fast money）產品。因此，我們預期今年消費者資金與投資組合（consumer money portfolio）營收將成長 26%。

We also saw the impact of improved end-to-end consumer experiences. Credit Karma members with simple tax situations could have up to 80% of their taxes done before even starting in TurboTax. This is helping drive a 54% increase in tax filers who start their filing experience in Credit Karma this year, up 25 points. This progress underscores our ability to drive ARPU expansion by deepening engagement, delivering more value across the consumer platform and monetizing beyond tax. To summarize, in a $37 billion assisted TAM, we expect to grow TurboTax Live customers 38% and revenue 36%, representing over half of our TurboTax franchise.

我們也看到端到端消費者體驗改善所帶來的影響。對於稅務情況簡單的 Credit Karma 會員，在甚至尚未開始使用 TurboTax 前，最多可先完成高達 80% 的報稅內容。這有助於推動今年從 Credit Karma 開始報稅流程的申報者增加 54%，提升 25 個百分點。這些進展凸顯我們能透過加深互動、在消費者平台提供更多價值，並在稅務之外變現，來推動 ARPU 擴張的能力。總結而言，在規模 370 億美元的協助式 TAM 中，我們預期 TurboTax Live 客戶成長 38%、營收成長 36%，並將占 TurboTax 事業的一半以上。

We have significant momentum and confidence in our trajectory. Our plan is clear. First, build on momentum with TurboTax Live, where we have the largest TAM and a significant ARPU opportunity. And second, evolve our DIY business model to deliver the right value at the right price point for the most price-sensitive filers and monetize beyond tax with our consumer platform. We're confident in our platform assets and proof points to deliver on our long-term growth goals.

我們對自身發展軌跡具備顯著動能與信心。我們的計畫很清楚。第一，延續 TurboTax Live 的動能；在這裡我們擁有最大的 TAM 與顯著的 ARPU 機會。第二，演進我們的 DIY 商業模式，為最具價格敏感度的申報者在合適的價位提供合適的價值，並透過消費者平台在稅務之外進行變現。我們對平台資產與已驗證的成果充滿信心，能夠實現我們的長期成長目標。

Now turning over to our all-in-one business platform that's becoming the control tower for businesses and accountants fueling their growth and consolidating their tech stacks. Starting with mid-market. Our AI native platform continues to gain traction in a nearly $90 billion cap. In Q3, online ecosystem revenue for QBO Advanced and Intuit Enterprise suite grew approximately 38%. We're scaling our direct sales team by approximately 30% as we shared last quarter, and stellar productivity continues to improve.

現在把焦點轉向我們的一體化商業平台；該平台正成為企業與會計師的控制塔，推動其成長並整合其技術堆疊。先從中型市場開始。我們的 AI 原生平台在近 900 億美元的市場規模中持續獲得動能。在第三季，QBO Advanced 與 Intuit Enterprise suite 的線上生態系營收約成長 38%。如同我們上季分享的，我們正將直銷團隊規模擴大約 30%，而卓越的生產力也持續提升。

This translates to 37% quarter-over-quarter growth of total Intuit Enterprise suite contracts. In our money portfolio, we're making strong progress by putting money at the center of everything that we do. Total online payment volume grew 30% this quarter, including [ Bill Pay], reflecting continued momentum in helping customers get paid faster and manage cash flow more effectively. We are growing our line of credit offerings with buy now, pay later, directly embedded within QuickBooks and the launch of Intuit business credit card. These additions will get small and mid-market businesses even greater access to capital and control over the financial operations.

這轉化為 Intuit Enterprise suite 合約總數季對季成長 37%。在我們的資金（money）產品組合方面，我們透過把資金置於我們所做一切的核心而取得強勁進展。本季線上支付總交易量成長 30%，包含 [ Bill Pay]，反映我們持續協助客戶更快收款並更有效管理現金流的動能。我們正擴大授信產品，包含先買後付（buy now, pay later），直接內嵌於 QuickBooks 中，以及推出 Intuit 商務信用卡。這些新增項目將讓小型與中型市場企業獲得更大的資金取得能力，並對財務營運有更高的掌控度。

Across the platform, we continue to scale new AI capabilities, bringing together insights, forecasts and industry-specific KPIs so our customers can run their business and grow with confidence. Our AI agents are delivering value at scale with our accounting AI agents, powering recommendations across more than 50 million transactions each week and business tax AI agents, identifying millions of dollars in deductions. Looking ahead, we are launching a sweeping expansion and a new lineup of our AI-driven expert platform in August. This represents a significant step forward a unified system of intelligence that serve as a strategic control tower for both businesses and accountants seamlessly moving from insights to autonomous execution. On a single platform, accountants can run and grow their practices while managing and advising their clients.

在整個平台上，我們持續擴大新的 AI 能力，整合洞察、預測與產業特定 KPI，讓客戶能更有信心地經營並成長。我們的 AI 代理（agents）正以規模化方式創造價值：會計 AI 代理每週在超過 5,000 萬筆交易上提供建議；商業稅務 AI 代理則辨識出數百萬美元的扣除額。展望未來，我們將於 8 月推出大規模擴展，以及全新一系列由 AI 驅動的專家平台。這代表重大躍進：一個統一的智慧系統，作為企業與會計師的策略控制塔，能無縫地從洞察走向自主執行。在單一平台上，會計師可經營並擴展其事務所，同時管理並為其客戶提供建議。

And based on their partnership here, we will connect them with the new customers to fuel their success and strengthen our network effect. Businesses operate from the same control tower, where AI agents don't just surface insights but take action across the business to manage performance, KPIs and complete critical workflows autonomously, all in one place. With a base of approximately 10 million business customers and 1 million accountants. This breadth of data, customers and an ecosystem of industry-specific domain expertise fueled a powerful network effect and durable competitive advantage. Underpinning all of this is our commitment to trusted intelligence.

並且基於他們在此的合作夥伴關係，我們將把新客戶與他們連結，以推動其成功並強化我們的網路效應。企業也在同一個控制塔中運作；AI 代理不僅呈現洞察，還能在整個企業中採取行動，以管理績效、KPI，並在同一處自主完成關鍵工作流程。我們擁有約 1,000 萬名企業客戶與 100 萬名會計師的基礎。如此廣度的資料、客戶，以及由產業特定領域專業所構成的生態系，帶來強大的網路效應與持久的競爭優勢。支撐這一切的是我們對可信賴智慧（trusted intelligence）的承諾。

Built on 4 decades of leadership in accuracy, compliance and security, our platform enables customers to operate with confidence, making better decisions and running their businesses from a single integrated platform. As we evolve our lineup with expanded functionality, we expect to take pricing actions at the higher end of our portfolio, reflecting the increased value we are delivering to customers. We will also introduce a consumption-based model for our AI and human intelligence services enabling customers to scale usage and unlock greater benefits and business outcomes. Based on initial test, we see the strongest adoption among more complex customers on the Advanced and [ Plus] offerings. We are also expanding our offerings to meet the needs of the next wave of entrepreneurs.

建立在四十年於準確性、合規與安全方面的領導地位之上，我們的平台讓客戶能更有信心地營運、做出更佳決策，並在單一整合平台上經營其業務。隨著我們以更擴充的功能演進產品陣容，我們預期將在產品組合的高端採取定價行動，以反映我們為客戶帶來的價值提升。我們也將為 AI 與人類智慧服務導入按使用量計費（consumption-based）模式，使客戶能擴大使用並解鎖更大的效益與商業成果。根據初步測試，我們看到採用度最高的是更複雜的客戶，主要集中在 Advanced 與 [ Plus] 方案。我們也正在擴展產品，以滿足下一波創業者的需求。

With a 94% year-over-year increase in people planning the start of business in 2026, we launched QuickBooks Free and QuickBook Light to provide a low friction entry point for millions of new businesses. These tiers ensure that early-stage businesses scale they grow with the Intuit platform. Before I wrap up, I want to address the decision we announced earlier today. We are reducing our full-time workforce by 17% to simplify our organizational structure to become a faster, leaner and more focused company. We are at an important inflection point with strong category leadership and multiple growth engines across our three big bets.

隨著規劃於 2026 年創業的人數年增 94%，我們推出 QuickBooks Free 與 QuickBook Light，為數百萬家新企業提供低摩擦的入門途徑。這些層級可確保早期企業在成長擴張時，能隨著 Intuit 平台一同擴大。在我結束之前，我想回應我們今天稍早宣布的決定。我們將全職員工人數縮減 17%，以簡化組織結構，成為更快速、更精實且更聚焦的公司。在我們三大押注（three big bets）上具備強勁的類別領導地位與多個成長引擎之際，我們正處於重要的轉折點。

To fully capitalize on this opportunity, we must operate with greater velocity, urgency and discipline. These deliberate actions are about scaling our wealth engine and strengthening our core. We're sharpening our cost structure to deliver durable long-term growth and margin expansion. This is how we built the next chapter of Intuit, services as software powered by data, AI and human intelligence. We're positioning the company to deliver durable growth you can count on.

為了充分把握這個機會，我們必須以更高的速度、急迫感與紀律來運作。這些審慎的行動旨在擴大我們的財富引擎並強化核心。我們正在優化成本結構，以實現可持續的長期成長與利潤率擴張。這就是我們打造 Intuit 下一篇章的方式：以資料、AI 與人類智慧驅動的「服務即軟體」（services as software）。我們正讓公司處於能交付你可依賴之持久成長的位置。

Let me now hand it over to Sandeep.

現在我把時間交給 Sandeep。

Thanks, Sasan. We delivered solid third quarter company-wide results for fiscal 2026, exceeding the top end of our guidance across revenue, operating income and earnings per share. Our third quarter results include revenue of $8.6 billion, up 10%; GAAP operating income of $4 billion versus $3.7 billion last year, non-GAAP operating income of $4.7 billion versus $4.3 billion last year, GAAP diluted earnings per share of $11.09 and versus $10.02 a year ago and non-GAAP diluted earnings per share of $12.80 versus $11.65 last year, reflecting our overall disciplined approach to managing the business, including continued AI efficiencies. Now turning to the business segments. Consumer platform revenue grew 8% in Q3, driven by TurboTax, which grew 7%; and Credit Karma, which grew 15%.

謝謝你，Sasan。我們在 2026 會計年度第三季交出穩健的全公司業績，營收、營業利益與每股盈餘皆超越我們指引區間的上緣。第三季業績包含：營收 86 億美元，年增 10%；GAAP 營業利益 40 億美元（去年為 37 億美元），非 GAAP 營業利益 47 億美元（去年為 43 億美元）；GAAP 稀釋後每股盈餘 11.09 美元（去年為 10.02 美元），非 GAAP 稀釋後每股盈餘 12.80 美元（去年為 11.65 美元）。這反映我們在經營管理上的整體紀律作法，包括持續的 AI 效率提升。接著談各業務部門。消費者平台營收在第三季成長 8%，主要由 TurboTax（成長 7%）與 Credit Karma（成長 15%）帶動。

ProTax revenue was in line with last year. Beginning with TurboTax. While we did not have the overall tax season we expected, we made significant progress against our strategic priority of disrupting the assisted category. As Sasan shared, we expect TurboTax Live customers to grow 38% this year, and revenue to grow 36%, well ahead of our stated long-term growth expectations of 15% to 20%. TurboTax Live will, therefore, represent 53% of total TurboTax revenue this year.

ProTax 營收與去年持平。先從 TurboTax 開始。雖然整體報稅季不如我們預期，但我們在「顛覆協助式（assisted）類別」這項策略優先事項上取得重大進展。如同 Sasan 分享的，我們預期 TurboTax Live 客戶今年將成長 38%，營收成長 36%，大幅領先我們先前所述 15% 至 20% 的長期成長預期。因此，TurboTax Live 今年將占 TurboTax 總營收的 53%。

These results reinforce our conviction in our strategy to deliver a powerful then for your experiences for customers with a unique combination of AI and AI-driven human expertise. Overall, we expect total online paying units to grow 2% this year on share gains from higher ARPU filers. We saw strong monetization across simple and complex filers, driving an expected 11% increase in ARPU as more customers chose assisted offerings and faster access to reforms. In total, we expect to deliver more than $25 billion in refunds through our fast money offerings this year. Our priorities are clear, both on our exceptional momentum in TurboTax Live, where we continue to see significant ARPU opportunity and evolve our DIY model at the low end to better serve price-sensitive filers.

這些結果強化了我們對策略的信心：以 AI 與 AI 驅動的人類專業相結合，為客戶提供強大的端到端體驗。整體而言，我們預期今年線上付費報稅單位（paying units）總數成長 2%，主要來自較高 ARPU 報稅者帶來的市占提升。我們在簡單與複雜報稅者上都看到強勁的變現表現；隨著更多客戶選擇協助式方案並更快取得退稅，我們預期 ARPU 將提升 11%。總計而言，我們預期今年透過快速到帳（fast money）方案發放超過 250 億美元的退稅。我們的優先事項很明確：一方面延續 TurboTax Live 的卓越動能（我們仍看到顯著的 ARPU 機會），另一方面在低端持續演進 DIY 模式，以更好服務對價格敏感的報稅者。

We know what we need to do, and the team is well positioned to execute given the strength of our assets across TurboTax and Credit Karma. Within the ProTax Group, revenue in Q3 was in line with last year. For the full year, we expect ProTax Group revenue growth of approximately 4%. Turning to Credit Karma, where revenue growth of 15% reflects continued momentum with our members and partners. On a product basis, personal loans accounted for 9 points of growth, auto insurance accounted for 5 points and home loans accounted for 1 point.

我們清楚知道該做什麼；憑藉 TurboTax 與 Credit Karma 的資產優勢，團隊已具備良好執行條件。在 ProTax Group 方面，第三季營收與去年持平。就全年而言，我們預期 ProTax Group 營收成長約 4%。接著談 Credit Karma：營收成長 15%，反映我們在會員與合作夥伴端的動能持續。以產品別來看，個人貸款貢獻 9 個成長百分點，汽車保險貢獻 5 個成長百分點，房貸貢獻 1 個成長百分點。

Overall, we have conviction in our strategy and confidence in the actions we are taking to serve consumers with our all-in-one platform, engaging them year-round to make smarter financial decisions by delivering tensor experiences AI-powered local tax expertise and faster access to money. Turning now to the Global Business Solutions Group. We continue to make progress serving businesses with our all-in-one business platform and delivering [ tons] for you experiences paired by AI and human expertise. Global Business Solutions Group revenue grew 15% during the quarter or 17% excluding Mailchimp, while all an ecosystem revenue grew 19% in Q3 or 22% excluding Mailchimp. This growth is underpinned by continued momentum in mid-market with online ecosystem revenue for QBO Advanced, and Intuit Enterprise suite growing 38%.

整體而言，我們對自身策略深具信念，並對我們正在採取的行動充滿信心：透過我們的一站式平台服務消費者，全年與他們互動，藉由提供由 AI 驅動的更優質體驗、在地稅務專業能力，以及更快速取得資金的途徑，協助他們做出更明智的財務決策。接下來談全球商業解決方案事業群（Global Business Solutions Group）。我們持續在服務企業方面取得進展，透過我們的一站式企業平台，提供結合 AI 與人類專業的「為你而生」體驗。本季全球商業解決方案事業群營收成長 15%，若排除 Mailchimp 則成長 17%；而整體生態系營收在第三季成長 19%，若排除 Mailchimp 則成長 22%。此成長主要來自中型市場（mid-market）動能持續強勁，QBO Advanced 與 Intuit Enterprise Suite 的線上生態系營收在第三季成長 38%。

All-in ecosystem revenues for small businesses and the rest of the base grew 16%. In Q3, we delivered strong growth in both online accounting and online services. QuickBooks Online accounting revenue grew 22%, driven by higher effective prices, customer growth and mix shift. All-in services revenue grew 15% in Q3 or 22% excluding Mailchimp. This growth was driven by money, which includes payments, capital and bill pay as well as payroll.

小型企業及其餘客群的整體生態系營收成長 16%。第三季，我們在雲端會計與線上服務兩方面都實現強勁成長。QuickBooks Online 會計營收成長 22%，主要由更高的有效價格、客戶成長與產品組合轉移所帶動。整體服務營收在第三季成長 15%，若排除 Mailchimp 則成長 22%。此成長由 Money 業務帶動，涵蓋支付、資金（capital）與帳單支付（bill pay），以及薪資（payroll）。

Within money, revenue growth in the quarter was driven by payments revenue growth fueled by customer growth and increase in total payment volume per customer and higher revenue yield. Total online payment volume, including bill pay, grew 30% in Q3, reflecting a continued momentum in payments and adoption of our bill pay offering. Online payment volume growth, excluding bill pay, was 18%. Within payroll, revenue growth in the quarter reflects mix shift, customer growth and higher effective prices. Earlier this month, we announced a lot of QuickBooks workforce and advanced integrated suite of offerings, transforming how we -- how businesses run their human capital management end-to-end, and we're excited about the opportunities on lost, particularly for mid-market customers.

在 Money 業務中，本季營收成長主要由支付營收成長所驅動，成長動能來自客戶數增加、每位客戶的總支付交易量提升，以及更高的營收收益率。第三季總線上支付交易量（含帳單支付）成長 30%，反映支付業務動能延續，以及我們帳單支付產品的採用提升。若排除帳單支付，線上支付交易量成長為 18%。在薪資業務方面，本季營收成長反映產品組合轉移、客戶成長與更高的有效價格。本月稍早，我們宣布推出多項 QuickBooks Workforce 與進階整合式產品套件，正在改變我們——也就是企業——端到端的人力資本管理運作方式；我們對其中的機會感到振奮，尤其是對中型市場客戶。

Within NetSuite, the revenue was down slightly versus a year ago as we continue to focus on improving churn and acquisition among smaller customers, while building on momentum in SMS and the mid-market. As part of the workforce changes announced earlier today, we are rightsizing our investment in Mailchimp. Overall, we have confidence in our strategy and online ecosystem growth continues to be strong. This performance underscores powerful traction across our growth vectors and positions Intuit to lead and win over the long term. Turning to desktop.

在 NetSuite 方面，營收較去年同期小幅下滑，因我們持續聚焦於改善較小型客戶的流失率與獲客，同時延續在 SMS 與中型市場的動能。作為今日稍早宣布的人力調整的一部分，我們正在調整（rightsizing）對 Mailchimp 的投資規模。整體而言，我們對策略充滿信心，線上生態系成長仍然強勁。此表現凸顯我們在各項成長向量上的強大牽引力，並使 Intuit 得以在長期領先並勝出。接下來談桌面端（desktop）。

Desktop ecosystem revenue grew 6% in Q3, with QuickBooks Desktop Enterprise revenue growing in the high single digits. Now shifting to our balance sheet and capital allocation. Our financial principles guided decisions, they remain our long-term commitment and are unchanged. We finished the quarter with approximately $6.8 billion in cash and investments and $6.2 billion in debt on our balance sheet. We are leading meaningfully into share repurchases this year.

第三季桌面端生態系營收成長 6%，其中 QuickBooks Desktop Enterprise 營收以高個位數成長。現在轉到資產負債表與資本配置。我們的財務原則指引各項決策；這些原則仍是我們的長期承諾，且未有改變。本季結束時，我們資產負債表上約有 68 億美元的現金與投資，以及 62 億美元的負債。今年我們將更積極地進行庫藏股回購。

We repurchased $1.6 billion of stock during the third quarter, more than double the same period last year. In the first 3 quarters of fiscal 2026, share repurchases are up over 60% versus last year. This reflects both our strong in long-term trajectory and believe that our shares represent compelling value at current levels. We maintain our aim to be in the market each quarter. The Board approved a quarterly dividend of $1.20 per share, payable on July 17, 2026, this represents a 15% increase versus last year.

第三季我們回購了 16 億美元的股票，較去年同期增加逾一倍。在 2026 會計年度前 3 季，股票回購較去年增加超過 60%。這反映我們對長期成長軌跡的強烈信心，並相信以目前水準而言，我們的股價具備相當吸引力的價值。我們維持每季都在市場進行回購的目標。董事會核准每股 1.20 美元的季度股利，將於 2026 年 7 月 17 日支付，較去年增加 15%。

Delivering long-term shareholder value is central to how we manage the company. We continue to execute on opportunities to drive margin expansion over time through a disciplined approach to capital management and ongoing efficiency gains. As Sasan mentioned, we announced today the decision to reduce our full-time workforce by approximately 17%. This leaner structure will accelerate how we operate with greater focus, speed, agility and an even stronger commitment to profitability. We are committed to delivering annual EPS growth of at least mid-teens over the coming years.

為股東創造長期價值是我們經營公司的核心。我們持續把握機會，透過嚴謹的資本管理方法與持續的效率提升，在時間推進中帶動利潤率擴張。如 Sasan 所提到，我們今天宣布決定將全職員工人數約減少 17%。更精實的組織架構將加速我們的運作，以更高的專注度、速度與敏捷性，並以更強的獲利承諾前進。我們承諾在未來幾年實現至少「中十位數」（mid-teens）的年度 EPS 成長。

While these decisions are never easy, they are a reflection of our disciplined approach to capital management, and we are confident it will ultimately allow us to deliver durable revenue growth, expanded margins and growing capital returns to shareholders over the long term. Moving on to guidance. We are raising total company guidance for revenue and all non-GAAP metrics for the full fiscal year. Guidance includes total company revenue of $21.341 billion to $21.374 billion, growth of 13% to 14%. Our guidance includes Global Business Solutions Group revenue growth of approximately 16% with desktop revenue growth in the mid-single digits.

儘管這些決策從來都不容易，但它們反映我們在資本管理上的紀律；我們有信心，最終將使我們在長期實現更具韌性的營收成長、擴大的利潤率，以及對股東不斷增加的資本回饋。接下來談財測指引。我們上調全公司全年營收與所有非 GAAP 指標的指引。指引包含全公司營收 213.41 億至 213.74 億美元，成長 13% 至 14%。我們的指引包含全球商業解決方案事業群營收成長約 16%，桌面端營收成長為中個位數。

And overall, consumer group revenue growth of approximately 10%. The consumer group outlook is supported by TurboTax growth of approximately 7%, credit coming growth of approximately 19% and pretax growth of approximately 4%. GAAP diluted earnings per share of $15.79 to $15.84, growth of approximately 16% and non-GAAP diluted earnings per share of $23.80 to $23.85 growth of approximately 18%. We expect a GAAP tax rate of approximately 24% in fiscal 2026. Our guidance for the fourth quarter of fiscal 2026 includes total company revenue growth of 11% to 12%.

整體而言，消費者事業群營收成長約 10%。消費者事業群展望由 TurboTax 約 7% 的成長、Credit Karma 約 19% 的成長，以及 ProTax 約 4% 的成長所支撐。GAAP 稀釋每股盈餘為 15.79 至 15.84 美元，約成長 16%；非 GAAP 稀釋每股盈餘為 23.80 至 23.85 美元，約成長 18%。我們預期 2026 會計年度 GAAP 稅率約為 24%。我們對 2026 會計年度第四季的指引包含全公司營收成長 11% 至 12%。

GAAP earnings per share growth of $0.73 to $0.79, and non-GAAP earnings per share of $3.56 to $3.62. As a reminder, guidance for GAAP metrics include $300 million in restructuring charges related to our workforce changes. You can find our full fiscal 2026 and Q4 guidance details in our press release and on our fact sheet. Lastly, I'd like to officially welcome [ Kindra Goodnuff] to her new role as Intuit's Vice President of Investor Relations. I know she is looking forward to partnering with you all going forward.

GAAP 每股盈餘為 0.73 至 0.79 美元，非 GAAP 每股盈餘為 3.56 至 3.62 美元。提醒一下，GAAP 指標的指引包含與本次人力調整相關的 3 億美元重組費用。您可在我們的新聞稿與資料表（fact sheet）中找到 2026 全年與第四季指引的完整細節。最後，我想正式歡迎 [ Kindra Goodnuff] 擔任 Intuit 投資人關係副總裁的新職務。我知道她期待未來與各位合作。

With that, I'll turn it back over to Sasan.

接下來我把時間交回給 Sasan。

One of our biggest strengths as a company is taking a day one approach to fueling long-term success, which is the most important thing to do in the era of AI. We are redefining the future of trusted financial intelligence to take advantage of our $300 billion in TAM by; One, aggressively scaling our growth engines already growing over 30%. Second, reimagining our business model to win in our core category; and third, sharpening our cost structure to become leaner and faster, delivering long-term value for both our customers and our shareholders. As a management team, we take pride in reinventing ourselves, and that is exactly what we are doing. With that, let me now open it up to your questions.

作為一家公司，我們最大的優勢之一，是以「第一天」（day one）的心態推動長期成功——在 AI 時代，這是最重要的事。我們正在重新定義可信賴的財務智慧（trusted financial intelligence）的未來，以把握我們 3,000 億美元的 TAM；第一，積極擴大已經以超過 30% 成長的成長引擎。第二，重新想像我們的商業模式，以在核心類別中勝出；第三，精進成本結構，使我們更精實、更快速，為客戶與股東創造長期價值。作為管理團隊，我們以自我革新為傲，而這正是我們正在做的事。接下來，我開放大家提問。

(Operator Instructions)

(接線員指示)

Keith Weiss, Morgan Stanley.

Keith Weiss，摩根士丹利。

Excellent. Thank you guys for taking the question. I think the focus is going to be on sort of the tax results and the disappointment there. I wanted to dig in on that side of the equation first, there's this feels a little bit like 2023, 2024, right? The overall tax filings were disappointing, losing share at the low end of the market. And it sounds like that scenario, putting out a low-end SKU was a decent fix and got TurboTax back on track. But this environment is different, right?

太好了。謝謝各位讓我提問。我想焦點會放在稅務業績以及其中的失望之處。我想先深入探討這一端的情況，這感覺有點像 2023、2024 年，對吧？整體報稅申報量令人失望，在市場低端流失市占。而聽起來當時的情境中，推出低端 SKU 是個不錯的修正方式，並讓 TurboTax 重回正軌。但現在的環境不同，對吧？

We're thinking about emerging competitors. We're thinking about Gen AI changing the competitive landscape. So how good is that analogy or '23, '24, or how do you have to differently kind of fix the business today versus that period?

我們在思考新興競爭對手。我們在思考生成式 AI 如何改變競爭版圖。那麼這個類比在 '23、'24 年有多貼切？或者相較於那段期間，今天你們必須用哪些不同的方式來調整業務？

Hi, Keith. Thanks for your question. I think a couple of things that I would say. One is One of the things that we were very assertive and aggressive in tackling to win customers that are less than 50,000 in income was really around onetime offers to get up into the franchise and ultimately be able to grow with those customers. I think the thing that we have learned is two things that are very different.

嗨，Keith。謝謝你的提問。我想我會說幾點。其中之一是，為了贏得年收入低於 50,000 美元的客戶，我們過去非常堅決且積極地採取的作法，主要是透過一次性優惠把他們帶進我們的產品體系（franchise），並最終能夠隨著這些客戶成長。我認為我們學到的，是兩件非常不同的事。

One is we need a durable approach to winning with these customers that are, again, less than $50,000 in income. And secondarily, we now have incredible capabilities to monetize beyond tax, which is a lot of what we referred to just a moment ago around the ARPU increase when you look at TurboTax plus Credit Karma, our ARPU is well over 30%. And our TurboTax customers attach the money offering. And so what's very different is those two things, when you durable approach and a durable model, to win with these customers, and you need a durable way to be able to actually monetize beyond tax, of which we have. And I think to make it real [ free] for you and everybody else is, it's a shift from complexity base to value-based.

第一，我們需要一個可持續（durable）的方式，來贏得這些同樣是年收入低於 50,000 美元的客戶。第二，我們現在具備了在稅務之外變現的強大能力；這也就是我們剛才提到的 ARPU 提升——當你把 TurboTax 加上 Credit Karma 一起看時，我們的 ARPU 提升遠超過 30%。而且我們的 TurboTax 客戶也會加購（attach）金融產品。所以非常不同的地方就在這兩點：你需要一個可持續的方法與可持續的模式來贏得這些客戶；同時你也需要一個可持續的方式在稅務之外實現變現，而我們已經具備了。我想把它講得更具體一點，對你和大家而言：這是一個從「以複雜度為基礎」轉向「以價值為基礎」的轉變。

And what that means is if you earn less than $50,000 and you have a W-2, you may fall into a SKU that's free, but if you then have a W-2 you donate it to a charity, you may fall into a SKU that you have to pay for. And these aren't, by the way, customers that are just free. These are actually customers that are paying other competitors. But the shift from complexity to value base is that based on the value that these folks that are less than [ $50,000] are looking for, we're going to have a model where we are very competitive on price. But then we have significant ARPU opportunities that we've already proven that where we can monetize that actually allows us to make up from a monetization perspective from other benefits that we deliver.

這代表如果你年收入低於 50,000 美元且只有一張 W-2，你可能會落在免費的 SKU；但如果你在有 W-2 的同時還有慈善捐款，你可能就會落在需要付費的 SKU。順帶一提，這些並不是只用免費方案的客戶。這些客戶其實正在付費給其他競爭對手。但從複雜度轉向價值的意思是：基於這些年收入低於 [ $50,000] 的人所尋求的價值，我們會採用一個在價格上非常有競爭力的模式。同時，我們也有可觀的 ARPU 機會，而且我們已經證明了：我們能夠透過變現，從我們提供的其他效益中，在變現層面把差額補回來。

So that's what's very different than 2023. And I would just tell you that none of this has anything to do with AI. This is all about being priced right for customers that are less than $50,000 in income. They're actually willing to have experiences that are far worse for them as long as the price is right. And that's the approach and the shift we will be making in our model as we look ahead.

所以這就是與 2023 年非常不同之處。我也想告訴你，這些都與 AI 無關。這完全是關於：對年收入低於 50,000 美元的客戶，我們的定價要正確。只要價格對了，他們其實願意接受對他們而言更差的使用體驗。而這就是我們在展望未來時，將在模式上採取的方法與轉變。

Got it. Just one thing to add. In the case segment, there are millions of customers that we serve exceptionally well. Millions of them are using our live offerings. And many of them come back and use the same SKU over and over again. What Sasan is referring to is the price-sensitive segment of the under [ $50,000], which is a segment of under [ $50,000] not the entirety of under [ $50,000], so just distinction I wanted to call it as well.

了解。我再補充一點。在個案（case）這個區隔，我們服務得非常好的客戶有數百萬。其中數百萬人正在使用我們的 Live 服務。而且很多人會一再回來使用同一個 SKU。Sasan 指的是年收入低於 [ $50,000] 中對價格敏感的那一群；那只是低於 [ $50,000] 的其中一個細分市場，而不是全部低於 [ $50,000] 的客群，所以我也想把這個差異點說清楚。

Excellent.

很好。

Thank you guys for taking the question.

謝謝你們回答我的問題。

You're very welcome. Hi, Keith, thank you for your partnership over the year. I think given your retirement, this is your final call. We appreciate the partnership we poured to Intuit over the years. Thank you.

不客氣。嗨，Keith，感謝你這一年來的合作。我想考量到你即將退休，這應該是你最後一次電話會議。我們很感謝多年來你與 Intuit 的合作關係。謝謝。

Thank you so much. I appreciate that, guys.

非常感謝。我很感激，各位。

Siti Panigrahi, Mizuho.

Mizuho 的 Siti Panigrahi。

Thank you for taking my question. Sasan, if you see some of the areas doing well, your assisted category mentioned mid-market origin money. But then there are segments that drag on the business. So I have a high-level question. As investors now, they are concerned about this AI disrupting software in terms growth rates, how do you give the confidence to the shareholder that Intuit can continue to deliver that durable growth and margin expansion, especially area you think your focus are growth drivers. And you talked about that services as a software, why do you think that's the right approach to deliver the durable growth.

謝謝讓我提問。Sasan，如果你看到有些領域表現良好，你提到你們的輔助（assisted）類別中，中型市場（mid-market）與原生的資金（origin money）。但也有一些細分市場在拖累業務。所以我有一個高層次的問題。現在投資人擔心 AI 會以成長率的角度顛覆軟體產業；你要如何讓股東有信心，Intuit 能持續交付可持續的成長與利潤率擴張，尤其是在你認為聚焦的成長驅動因素上？另外你談到「服務即軟體」（services as a software），你為什麼認為這是交付可持續成長的正確方法？

Yes, Siti, thanks for your question. I think that the place that I would start is when you think about the consumers, businesses and accountants that we serve. These are high state decisions that these constituents make. And let me just for a moment, focus on businesses and accountants. When you think about what we have created is an end-to-end platform that's actually a system of manage your business, to run your business and to grow your business.

是的，Siti，謝謝你的提問。我想我會先從我們所服務的消費者、企業與會計師來談。這些利害關係人所做的決策，都是高風險（high-stakes）的決策。我先花一點時間聚焦在企業與會計師。當你看我們所打造的，是一個端到端的平台，實際上是一套「管理你的企業、營運你的企業、成長你的企業」的系統。

And remember, businesses are trying to manage customers. They're managing cash flow. They're trying to understand which customer customers are profitable. They're managing money coming in and money going out. They're managing payroll and they're ensuring that they can be compliant and have their taxes done and booked on right.

而且請記得，企業在嘗試管理客戶。他們在管理現金流。他們想了解哪些客戶是有利可圖的。他們在管理資金流入與資金流出。他們在管理薪資發放，並確保能夠合規，稅務申報正確，帳務也記錄正確。

We have created a platform, a true control tower that not only help businesses grow and run their business. but we're actually with our launch of our Intuit accountant suite and have created a network effect where these same accountants are not only able to grow their firm, grow their practices and manage their clients but also be able to now provide expert services because every business has to have an accountant to be able to help them with advice, books and inventory decision as an illustrative example. And so when it comes down to running a business, that's why we bet the entire company on data AI and one of the largest network of AI-powered expertise, which is our accountants, to really fuel the success of businesses. And I think a really important proof point around that is our growth engines. And when you look at our growth engines, you've got mid-market, you've got our money portfolio and you've got to assist the tax that's growing north of 30%.

我們打造了一個平台，一個真正的控制塔（control tower），不僅能幫助企業成長並經營業務；而且隨著我們推出 Intuit 會計師套件（Intuit accountant suite），我們也創造了網路效應：同一批會計師不僅能夠擴大他們的事務所、拓展他們的業務並管理客戶，同時也能提供專家服務，因為每一家企業都需要會計師來提供建議、記帳，以及例如庫存決策等協助。因此，談到企業營運，這也是為什麼我們把整家公司押注在資料 AI 上，並押注在最大規模之一的 AI 驅動專業網路——也就是我們的會計師——來真正推動企業成功。我認為一個非常重要的佐證在於我們的成長引擎。當你看我們的成長引擎，你會看到中型市場、資金（money）產品組合，以及成長率超過 30% 的輔助報稅（assisted tax）。

That's a substantial part of the company, which brings me to the second point I wanted to make, and that is when you look at the total addressable market of taps, 88% of it is assisted. And with assisted tax very similar to the importance of accounting and bookkeeping. Customer spend over 7x on people to help them make decisions versus just software and code. And we have a platform where all-in-one that has both technology and people on one platform to help customers get their taxes done right. And we're -- you can see from our results.

這些是公司相當重要的一部分，這也帶到我想說的第二點：當你看報稅（tax）的整體可服務市場（TAM），其中 88% 是輔助式（assisted）。而輔助報稅與會計、記帳的重要性非常相似。客戶在「請人協助做決策」上的花費，是單純買軟體與程式碼的 7 倍以上。而我們擁有一個一站式的平台，把技術與人力放在同一個平台上，幫助客戶把稅報對。而我們——你也可以從我們的業績結果看得出來。

We really are just at the beginning of what's possible in assisted tax, and that's going to be a fuel for years. So if I were to put a bow around it, what gives us confidence and what should give you an investor confidence is; one, we are actually looking to scale our growth engines even for and taking things like assisted tax money and mid-market that are already growing north of 30% and scaling them faster. Two, we're actually reimagining how we continue to win in our core and core tax is an illustrative example of we serve millions of customers very well that make income less than [ $50,000], but there is a smaller set of price-sensitive customers where we can now durably change our model because we can also monetize beyond tax. And this is a company that is very focused on effectiveness and efficiency of how we run the company, which is partly albeit a very hard decision why we reduced our workforce by 17% because it's all in service of less layers, less coordination rules much more efficient and effectiveness in how we run the company. That's what gives us the confidence and the durability of both the top line growth and margin expansion, and you can expect this company to grow EPS, GAAP and non-GAAP, north of 15%.

我們確實才剛站在「輔助報稅」所能達成之可能性的起點，而這將在未來多年成為成長的燃料。所以如果要做個總結，讓我們有信心、也應該讓各位投資人有信心的是：第一，我們其實正在尋求擴大我們的成長引擎規模，甚至把像輔助報稅與中型市場這些已經成長超過30%的業務，再更快地擴張。第二，我們正在重新想像如何持續在我們的核心業務中取勝；核心報稅是一個具代表性的例子：我們為數以百萬計、年收入低於[ $50,000]的客戶提供非常好的服務，但其中也有一小部分對價格高度敏感的客戶；如今我們可以更持久地改變我們的模式，因為我們也能在報稅之外進行變現。而且這是一家非常重視營運成效與效率的公司；這也是我們將人力縮減17%（雖然是非常艱難的決定）的部分原因，因為這一切都是為了更少的層級、更少的協調規則，以更高的效率與成效來經營公司。這些就是讓我們對營收成長與利潤率擴張的持久性充滿信心的原因；你可以預期本公司EPS（GAAP與非GAAP）將以超過15%的速度成長。

So probably a longer answer than you were looking for, but I want to unpack it holistically.

所以這可能比你想要的答案更長，但我想用更全面的方式把它拆解說明。

Brent Thill, Jefferies.

Brent Thill，Jefferies。

Hi, thank you. This is Sang-Jin Byun on behalf of Brent Thill. Just maybe a couple of questions around the tax side. You mentioned the IRS files will be down about [ 30] basis points. I'm wondering if you made no color as to why they may be versus a typical growth of [zero or two]. And as you look forward, the assisted tax that has been so strong to offset whatever margin pressure you had on the DIY side.

嗨，謝謝。我是代表Brent Thill的Sang-Jin Byun。我想就報稅這一塊問幾個問題。你提到IRS申報件數大約會下降[ 30]個基點。我想知道你們是否能多提供一些原因，為什麼會這樣，而不是典型的成長[零到兩]（個基點）。另外往前看，輔助報稅一直很強，足以抵消DIY端你們承受的任何利潤率壓力。

I mean, wondering how you think about that going forward, whether the system is more than half.

我想知道你們未來如何看待這件事，這個系統是否已經超過一半。

Sure. Let me thank you for your question. Let me start with the last question first. The reason we are really bullish about just our consumer platform trajectory and growth moving forward is I think the biggest highlight from this tax season was really around 1, assisted segment performance. When you look at new assisted customer growth, it grew 9%.

當然。先謝謝你的提問。我先從最後一個問題開始。我們之所以對未來消費者平台的走勢與成長非常樂觀，我認為本報稅季最大的亮點其實在於：第一，輔助服務區隔的表現。你看新增的輔助報稅客戶成長了9%。

When you look at total customer growth, it grew 38%, and our revenue grew 38% and -- or 36%, I should say. And now it's 53% of our entire franchise, and that's up 11 points over last year. And we continue just to be at the tip of the iceberg in terms of what's possible because what we did with our local strategy really worked this year. And Credit Karma is becoming a meaningful impact because there's a 54% increase in filings of taxes through Credit Karma. Those are big highlights.

你看總客戶數成長了38%，我們的營收也成長了38%——或者我應該說36%。而現在它占我們整個業務版圖的53%，比去年提高了11個百分點。而且就可能性而言，我們仍然只是冰山一角，因為我們今年在在地策略上的作法確實奏效。同時，Credit Karma正在帶來顯著影響，因為透過Credit Karma報稅的申報量增加了54%。這些都是很大的亮點。

And as you look at us continuing to scale, pursuing 88% of the total addressable market, it gives us a lot of confidence. In the DIY segment, remember the goal that we've articulated is that we want to maintain revenue share. And we actually expect this year to maintain our revenue share in the DIY category. And in that context, that's why we feel very good about a business model change for the price-sensitive segment of these folks that are [ $50,000] or less because these folks are paying. They're just overall price sensitive to what they pay.

而當你看到我們持續擴大規模、追求總可服務市場的88%時，這讓我們非常有信心。在DIY區隔，請記得我們所闡述的目標是：我們希望維持營收市占。而我們其實預期今年能在DIY類別維持我們的營收市占。在這樣的背景下，這也是為什麼我們對於年收入[ $50,000]或以下、對價格敏感的那一群人進行商業模式調整感到非常有把握，因為這些人是有在付費的。他們只是對自己要付多少錢整體上更敏感。

And we're going to evolve our model to not only be competitive on price but then be able to monetize the [beyond] tax. So that's overall what gives us confidence irrespective of the total silence. So now let me get to that, which I think was the initial part of your question. We expect that the total filings will decline about 30 basis points and -- or 30 bps, and we expected it to go off one. Now by the way, files will be up on, but we actually e-file doesn't include the manual [filers].

我們將演進我們的模式，不僅在價格上具競爭力，也能在報稅[之外]進行變現。所以不論總申報量如何，整體而言這就是讓我們有信心的原因。現在我來回答我認為是你問題的前半段。我們預期總申報件數將下滑約30個基點——也就是30 bps，而我們原本預期會是略高於1。順帶一提，申報件數會上升，但我們的電子申報（e-file）不包含人工[申報者]。

What we saw this year across the entire base is there was a big chunk of manual filers that just did not file. And as a category champion, this was really just within DIY. It's worth about 2 million units. But I think the reason I'm reiterating is irrespective of total filings is when we look at our assisted opportunity, and when we look at our opportunity with our model change in DIY, that's what gives us confidence as we look at it, irrespective of whether or not the total IRS returns grew at 1 point or it's flat year-over-year.

我們今年在整個市場看到的是，有一大批人工申報者就是沒有申報。而作為該類別的領導者，這其實主要發生在DIY之內。這大約相當於200萬件。但我之所以重申，是因為不論總申報量如何，當我們看輔助服務的機會、以及我們在DIY進行模式調整的機會時，這些才是讓我們有信心的原因；不管IRS總報稅申報量是成長1個百分點，或是年對年持平。

John, the one factor I will also add is your question around the growth we're seeing in associated tax. Sasan mentioned how we are scaling a number of customers. The other things that I find really encouraging is as we are adding new customers such a healthy rate. We're also seeing retention go up. The retention was up 2 points in TurboTax Live, it's another factor to play into how this offering is really resonating with our customer base.

John，我還想補充一個因素，關於你問到我們在輔助報稅看到的成長。Sasan提到我們正在擴大客戶數規模。我覺得另一個非常令人鼓舞的是：在我們以如此健康的速度新增客戶的同時，我們也看到留存率在上升。TurboTax Live的留存率提高了2個百分點；這也是另一個因素，顯示這項服務確實正在與我們的客戶群產生共鳴。

Thank you very much.

非常感謝。

Brad Zelnick, Deutsche Bank.

Brad Zelnick，德意志銀行。

Great. Thanks so much for taking the question. I wanted to ask a little bit more about the restructuring, which I know you take very seriously. And I appreciate it's intended to best position the company ahead for durable long-term growth. But can you share more detail on how much might be attributable to AI efficiencies and perhaps a structural shift from labor to tokens? How much is rightsizing Mailchimp, and how you're thinking about reinvesting the savings?

很好。非常感謝讓我提問。我想再多問一點關於重組的事，我知道你們非常嚴肅看待這件事。我也理解這是為了讓公司在未來能更好地站位，以實現可持續的長期成長。但你能否分享更多細節：其中有多少可歸因於AI帶來的效率提升，以及可能從人力到token的結構性轉移？有多少是對Mailchimp進行規模調整（rightsizing）？以及你們如何思考把節省下來的成本再投資？

Yes. Thank you for the question. Let me start it off, and I'll tag team with Sandy. First of all, Brad, as you mentioned, these, for us, are always very hard decisions because at the end of the day, we're in a people business and culture matters a lot, and we don't take decisions like this lightly. With that set, and it's very important for us as a company, one of the things that, Brad, we take a lot of pride in is to treat everything that we do like it's day 1.

是的。謝謝你的問題。我先開頭，然後我會和Sandy一起接力回答。首先，Brad，如你所說，對我們而言這些永遠都是非常艱難的決定，因為說到底我們是一個以人為本的事業，文化非常重要，我們不會輕率做出這樣的決定。在此基礎上，對我們公司來說非常重要的一點是，Brad，我們很自豪的一件事是：把我們做的每一件事都當作是第1天來做。

So today is day 1 as a CEO and as a management team, what would we do? And really, let me tell you what this is not about. This was not about AI. As you know, we are very invested in AI and the tools that we use internally, which is what's driving a lot of our efficiencies and margin expansion. And also AI is embedded in everything that we do that helps us serve customers, which is what's fueling our growth.

所以今天作為CEO與管理團隊的第1天，我們會怎麼做？而我想先告訴你，這次重組「不是」關於什麼。這不是關於AI。如你所知，我們在AI以及內部使用的工具上投入很多，這些正推動我們大量的效率提升與利潤率擴張。同時，AI也嵌入在我們所做的一切之中，幫助我們服務客戶，而這正是推動我們成長的動力。

We always look at how we can continue culturally to have a company that the company of builders and move fast. And one of the things that we've been really studying for the last year is beyond the tools that we are putting in place across the company what is actually the biggest blockers and what's getting in our way. And really, there are several things that led to this 17% reduction. The first is we significantly reduced the number of management layers and to reduce the complexity of information flow of how fast we make decisions so we can push decision-making through our frontline folks that are the builders. The second, by reducing and looking at reducing the number of management layers, it also led us to reducing the number of what we call coordination heavy roles that we had in place.

我們一直在思考，如何在文化上持續打造一家「建造者的公司」，並且快速行動。而在過去一年裡，我們真正深入研究的一件事是：除了我們在全公司推行的各種工具之外，實際上最大的阻礙是什麼、是什麼在擋路。而且確實，有幾個因素共同導致了這次 17% 的縮減。第一，我們大幅減少了管理層級，以降低資訊流動的複雜度、加快決策速度，讓決策能夠下放到第一線、也就是那些建造者同仁手上。第二，在減少並檢視管理層級數量的同時，也促使我們減少了我們所稱的「高度協調型」職務數量。

By the way, these could be PMO biz ops, more products and designer -- product managers and designers that you may need because of what's possible in terms of how fast you can build. So that was the second big area. And I would say that the third big area was now that we've put TurboTax and Credit Karma together as a unit and as a platform. We got to a place where as we are concluding all of the integration work, we had a lot of duplication. And so we reduced the number of roles that were, in essence, duplicates.

順帶一提，這些可能包括 PMO、biz ops，以及更多的產品與設計——也就是產品經理和設計師——因為在可達成的開發速度上，你可能會需要這些角色。所以那是第二個主要領域。我會說第三個主要領域是，現在我們把 TurboTax 和 Credit Karma 整合在一起，作為一個事業單位與一個平台。當我們接近完成所有整合作業時，我們發現有大量重複。因此我們減少了本質上屬於重複的職務數量。

And then last but not least, that's worthy of mentioning is really sizing and resizing Mailchimp in context of the growth opportunities ahead. Those are all, I would say, the main drivers of the restructuring. And if I take it back to what are we doing with the restructuring, where is it going I would say there's three things that matter most, again, with a sort of a day 1 mentality and mindset. One is making sure that we feel good about our growth engines. When you look at assisted tax money and mid-market, they're all growing well north of 30%, and we want to be able to scale those faster.

最後但同樣值得一提的是，依據未來的成長機會，重新評估並調整 Mailchimp 的規模。我會說，這些就是重組的主要驅動因素。如果回到「我們透過重組在做什麼、要走向哪裡」，我會說最重要的有三件事，同樣是以某種 Day 1 的心態與思維。第一是確保我們對成長引擎有信心。當你看 assisted tax、money 和 mid-market，它們的成長都遠高於 30%，而我們希望能更快地擴大規模。

The second is we want to -- we imagine, particularly in DIY tax, how we ensure for a certain segment of customers that are less than [ $50,000], how do we ensure that we can win with those customers. And then third, by being faster, flatter and more focused it allowed us to look at the workforce reduction. So a big chunk of this, you can count on it to go to margin expansion and EPS growth. And a smaller part of it is going to go to scaling the growth engine because we actually feel good that the growth engines are are actually funded quite well just because of the productivity that we're seeing internally. So again, probably the longer answer than you were looking for, but I wanted to unpack it and just, Sandeep, would you add anything?

第二，我們希望——特別是在 DIY tax——思考如何確保對於某一群收入低於 [ $50,000] 的客戶，我們能夠贏得他們。第三，透過更快、更扁平、更聚焦，讓我們得以檢視人力縮減。因此，這其中很大一部分，你可以預期會用於擴大利潤率與 EPS 成長。較小的一部分會用於擴大成長引擎的規模，因為我們其實對成長引擎的資金配置相當有信心，主要是因為我們看到內部生產力的提升。所以，再次強調，可能比你想要的答案更長，但我想把它拆解說清楚；Sandeep，你要補充什麼嗎？

Sasan -- I covered it, Brad. For me, as a management team are responsibilities to deliver for all of our stakeholders, our customers and our shareholders included in that. So as Sasan mentioned, we're investing in our two big bets, and we're playing offense in our core, where this is different than the actions we took in 2024 is, as Sasan mentioned, majority of the cost reductions we expect to flow to the bottom line. And at the core, this is all about the three Fs that an called out, focused organization, flatter organization, faster organization. Let me also touch on merchant because you asked about that specifically.

Sasan——你都講到了，Brad。對我而言，作為管理團隊，我們的責任是為所有利害關係人交付成果，包含我們的客戶與股東。因此如 Sasan 所提，我們正在投資於兩個重大押注，並在核心業務上採取進攻策略；這與我們在 2024 年採取的行動不同之處在於，如 Sasan 所說，我們預期大多數的成本削減將會反映到最終盈餘。而在核心上，這一切都圍繞著他所提到的三個 F：更聚焦的組織、更扁平的組織、更快速的組織。我也補充談一下 merchant，因為你特別問到這點。

With the actions we're taking there, we believe the Mailchimp revised cash flow profile will generate more value into it than a third party is likely to pay for that asset in the current equity and debt environment for software. That's another consideration that you all should have in mind as you look at what we're doing with Mailchimp.

就我們在那裡採取的行動而言，我們相信 Mailchimp 經調整後的現金流輪廓，所能創造的價值，會高於在目前軟體股權與債務環境下，第三方可能願意為該資產支付的價格。這也是你們在看待我們對 Mailchimp 所做的事情時，應該納入考量的另一個因素。

Thank you, guys.

謝謝你們，各位。

Yes, very welcome.

是的，不客氣。

Alex Zukin, Wolfe.

Alex Zukin，Wolfe。

Hey, guys, thanks for taking the question. I guess maybe in the spirit of Keith's and Siti's question, I think one of the main questions today is whether the performance around taxes, if there's anything structural that is changing? It doesn't sound like it's AI. It does sound like it was maybe a bit of a surprise. So maybe walk through why what kind of surprised you specifically? And is there any structural change that you feel like could actually impact the durability or the shape of growth going forward, and how some of the changes that you -- kind of what changes are you making on -- with kind of the rightsizing of the employee base to get in front of that specific dynamic?

嗨，各位，謝謝讓我提問。我想也許延續 Keith 和 Siti 的問題精神，我覺得今天的一個主要問題是：稅務相關的表現是否有任何結構性變化？聽起來不像是 AI。也聽起來可能有點出乎意料。所以能否談談，具體是哪些地方讓你們感到意外？以及你們是否認為有任何結構性變化，可能會影響未來成長的持久性或成長曲線的形狀？另外，針對這個特定動態，你們在「適度調整」員工規模方面做了哪些改變，以便提前因應？

Yes, Alex, thanks for your question. And I'll actually start with the essence of your question, which is structure. And when you look at the total tax TAM, it's $42 billion. And out of that $42 billion, about $37 billion is assisted. And we are structurally very advantaged to go after that 88% of the total addressable market, and it shows up in our results.

好的，Alex，謝謝你的問題。我會先從你問題的核心——也就是「結構」——開始。當你看整體稅務 TAM，規模是 420 億美元。在這 420 億美元之中，大約 370 億美元是 assisted。而我們在結構上具備非常有利的條件去爭取這個占整體可服務市場 88% 的機會，這也反映在我們的業績結果上。

Our penetration is still incredibly low. And you can see that although overall customers were 38%, new customers in the assisted segment grew 30% or 29% and revenue at 36%. So we're structurally advantaged there. Why? The reason we're structured advantage is we have built out a virtual expert platform that is all driven by all of our data engines and data ingestion capabilities, AI that does a lot of the -- I mean this is what we're doing is incredibly complex from matching customers that are right experts that are routing to the capacity planning, to doing a lot of the work for our experts or our experts can manage the relationship with the end client.

我們的滲透率仍然非常低。你也可以看到，雖然整體客戶成長是 38%，但 assisted 區隔的新客戶成長了 30% 或 29%，營收成長 36%。所以我們在那裡具有結構性優勢。為什麼？我們之所以具備結構性優勢，是因為我們打造了一個虛擬專家平台，這一切都由我們的資料引擎與資料匯入能力所驅動，AI 也承擔了大量工作——我的意思是，我們正在做的事情非常複雜，從把客戶匹配到合適的專家、路由到產能規劃，到替我們的專家完成許多工作，讓專家能夠管理與終端客戶的關係。

And structurally, we went on experience. We went on price and access the fast money and other benefits that we provide across our consumer platform. So we have a big structural advantage there. When you look at the DIY segment, it's $5 billion of the total spend. And within that $5 billion, there is an element of that spend that is -- those that are [ $50,000] and less in income.

而在結構上，我們在體驗上勝出。我們在價格與可及性上勝出，還有 fast money 以及我們在消費者平台上提供的其他好處。所以我們在那裡有很大的結構性優勢。當你看 DIY 區隔，它占總支出的 50 億美元。在這 50 億美元之中，有一部分支出來自收入為 [ $50,000] 以下的人群。

And within that, Alex, there are those that are very price sensitive. I would just say that this is an area that has been not just net up on us. This is an area where we've been very focused on what's the best way to win these very price-sensitive customers. And the biggest thing that we have done in the last 3 to 4 years is onetime offers. And I would think durably the biggest thing that we have learned is these customers hear about price.

而在其中，Alex，也有一些人對價格非常敏感。我會說，這不只是最近才對我們造成影響。這一直是我們非常聚焦的領域：要用什麼最佳方式贏得這些高度價格敏感的客戶。而我們在過去 3 到 4 年做得最多的一件事，就是一次性優惠（onetime offers）。我認為從長期來看，我們學到最大的一點是：這些客戶會聽到價格。

And they care about price. They're willing to pay for benefits beyond tax. But what they care about is can they come back in the same SKU the next year. And this is the thing that Sandeep was touching on earlier, where a lot of the customers come back in the same SKU year after year. And so what we are doing (inaudible) do durably different for a very small segment of the DIY segment that are less than $50,000 is a durable model change, where we are competitive on price where we can ultimately monetize with benefits that are outside of tax.

而且他們在意價格。他們願意為稅務以外的附加利益付費。但他們真正關心的是：隔年是否能以同一個 SKU 回來。這也是 Sandeep 先前提到的重點：很多客戶會年復一年回到同一個 SKU。因此，我們正在做（聽不清楚）的是，針對 DIY 區隔中一個非常小、收入低於 50,000 美元的客群，採取一個長期不同的模式變更：在價格上具備競爭力，同時最終能透過稅務以外的利益來變現。

And now we have all the capabilities to do that where we didn't several years ago. So to sort of zoom out and answer your question, we're structurally advantaged for almost 90% of the TAM. And we now have all the assets and capabilities to be able to go after those that are less than [ $50,000] of income and particularly that segment that is very price sensitive. And actually anything that we put our minds to, we can turn around fairly fairly quickly. All of that really is irrespective of the workforce reductions that we did.

而現在我們已具備所有能做到這件事的能力，幾年前我們還沒有。所以拉高一點視角來回答你的問題，我們在將近 90% 的 TAM 上具備結構性優勢。而我們現在也擁有所有資產與能力，能去服務那些收入低於 [ $50,000] 的族群，特別是那個對價格非常敏感的區隔。而且其實只要我們下定決心要做的事，我們都能相當、相當快地把它做出來。這一切其實都與我們所做的人力縮減無關。

And I think that was one element of your question. We've done this from a place of strength. We're placing the roof while the sun is shining to make sure that we can be more focused, faster and flatter in an environment where we want to be able to move faster than entrepreneurs, but at the scale of the company. So I would not connect the workforce reductions at all to DIY tax. There discretely different choices and decisions.

我想那是你問題中的一個部分。我們是在強勢的基礎上做這件事。我們是在陽光普照時修屋頂，確保在我們希望比創業者更快行動、但又要在公司規模下運作的環境中，能更聚焦、更快速、組織更扁平。所以我完全不會把人力縮減與 DIY 報稅連結在一起。那是兩個彼此獨立的選擇與決策。

Excellent. And super clear. I appreciate that's on. I guess maybe on the GBSG side, you highlighted meaningfully increase in headcount and sales capacity last quarter. you highlight the traction around with attracting top sales talent to the org and impacts kind of the outputs that you're seeing from that initiative in both the quarter and the pipeline.

很好。而且非常清楚。謝謝你說明。我想也許回到 GBSG 這邊，你提到上季在人力與銷售產能上有顯著增加；你也提到吸引頂尖銷售人才加入組織的進展，以及你們從這項計畫在本季與管線上看到的成果。

Yes. I'm really glad you asked that, and I want to just actually amplify something Sandeep and I touched on in the script, but it's really important. There are -- and I'll answer your question around sales productivity. There are two very important in line with our strategy, important pivots that we have made. One is we've traditionally thought about Hilton as partners and as a channel.

是的。我很高興你問到這點，我也想把我和 Sandeep 在講稿裡提到的一件事再強調一下，因為它非常重要。我會回答你關於銷售生產力的問題。我們做了兩個非常重要、且與我們策略一致的關鍵轉向。第一個是，我們過去一直把 Hilton 視為合作夥伴與一個通路。

The strategic pivot we've made because of what's possible, and what's ahead of us, which I'll get into in a moment, we are treating accountants like customers. The reason that's important is when you look at our platform and your question on sales. We now have one single unified platform that accountants use to not only run their firm, run their practice, but to be able to manage all of their clients that are Intuit clients and be able to use all of our capabilities to not only drive automation within the firm to drive their profitability but actually to also be able to deliver added value services that they can monetize and drive their revenue growth. The reason I mentioned that is we, based on what we are launching in August, will actually also have opportunities to monetize based on consumption, not just subscription. A few examples of that would be AI agent builder capabilities that helps them customize industry-specific KPIs and reporting that they can monetize.

我們做出的策略轉向是，基於現在可行的事以及我們即將面對的機會（我等一下會談到），我們把會計師當作客戶來對待。這之所以重要，是因為當你看我們的平台以及你關於銷售的問題時，我們現在有一個單一、統一的平台，會計師不僅用它來經營事務所、管理業務，也能管理所有屬於 Intuit 客戶的客戶，並運用我們所有能力，不只是推動事務所內的自動化以提升獲利能力，還能提供可加值的服務，讓他們可以變現並帶動營收成長。我之所以提到這點，是因為基於我們在 8 月要推出的內容，我們也將有機會以「使用量」來變現，而不僅僅是訂閱。其中幾個例子包括 AI 代理建置（AI agent builder）能力，協助他們客製化特定產業的 KPI 與報表，並將其變現。

But based on their usage, we will monetize on consumption. And that is now leveraging the distribution of customers that they have that otherwise we wouldn't monetize in the past. That's a very important strategic way to think about accounts. At the same time, businesses are using the same platform, but it builds for that. And the reason I wanted to share and start with the control tower where it's one platform and really strengthening our network effect is that's where our added sales force goes into play, where they are now selling an end-to-end platform that's a unified platform, not only to get more end businesses on our platform, but to actually get accountants to accelerate the number of customers that they bring on to our platform.

而且我們會依據他們的使用情況，以使用量來變現。這等於是運用他們所擁有的客戶分佈，而這在過去我們其實無法變現。這是一個非常重要、用來思考會計師（accountants）的策略方式。同時，企業也在使用同一個平台，但它是為此而打造的。我之所以想先從「控制塔」的概念分享——也就是一個平台並真正強化我們的網路效應——是因為這正是我們新增銷售團隊發揮作用之處：他們現在銷售的是端到端的平台、也就是一個統一的平台，不僅要讓更多終端企業上到我們的平台，也要讓會計師加速把更多客戶帶上我們的平台。

And so we're seeing productivity improvement. We've opened up the aperture where we're now really pursuing more new to the franchise beyond going after our base. And the productivity has increased, and it shows up in a 37% quarter-over-quarter contract increase in duet enterprise doing. So again, probably a longer answer, Alex, than you were looking for, but I want to unpack the pivots because they're actually important for our long-term growth.

因此我們看到生產力有所提升。我們也擴大了範圍，現在真正追求更多「新加入本體系（new to the franchise）」的成長，而不只是深耕既有客群。生產力提升也反映在 Duet Enterprise 的合約數季對季增加 37%。所以再一次，Alex，這可能比你想要的回答更長，但我想把這些轉向拆解說清楚，因為它們對我們的長期成長其實很重要。

Love your long answers, Sasan. Thank you, guys.

我很喜歡你的長回答，Sasan。謝謝你們。

Yes, thank you.

是的，謝謝。

Taylor McGinnis, UBS.

UBS 的 Taylor McGinnis。

Yes, hi, thanks so much for taking my question. Maybe on the Global Solutions business group. So it looks like excluding Mailchimp, there was a bit of a deceleration in the online businesses, particularly on the services side. So I'm wondering, one, can you provide a bit more color on what drove that in the quarter? And then secondly, as we look at the Global Solutions business group growing at 15%, any changes to your level of comfort in the 15% to 20%? I know you mentioned actually just now on some newer AI solutions.

是的，你好，非常感謝讓我提問。我想問一下 Global Solutions 事業群。看起來若排除 Mailchimp，線上業務有些放緩，特別是在服務端。所以我想請問，第一，能否多提供一些本季造成這種情況的原因？第二，當我們看到 Global Solutions 事業群成長 15% 時，你們對 15% 到 20% 這個區間的信心程度有沒有改變？我知道你剛剛也提到一些較新的 AI 解決方案。

So any upcoming monetization or pricing efforts that could potentially be a tailwind there? Thanks.

所以是否有任何即將推出的變現或定價措施，可能成為那邊的順風？謝謝。

Taylor, on the services, let me start there. What we are seeing is services performance continues to be strong, both including and excluding Mailchimp, but the delta you're seeing versus Q2, in Q2, we had benefits from tax-related the things in the payroll side, the 1099s and other things that we charge separately for. So that's what drove a bit of that decel in Q3 versus the Q2 print. In terms of the broader GBSG, we remain confident in our strategy around the mid-market. As Sasan mentioned, there's a lot of headroom with IES.

Taylor，關於服務（services），我先從這裡開始。我們看到服務表現持續強勁，不論包含或不包含 Mailchimp 都是如此；但你看到相較於 Q2 的差異，是因為在 Q2 我們在薪資（payroll）端有一些與報稅相關的項目帶來助益，例如 1099 表格以及其他我們會另外收費的項目。所以這就是為什麼你會看到 Q3 相較於 Q2 的數字有些放緩。至於更廣泛的 GBSG，我們對中型市場（mid-market）的策略仍然有信心。如同 Sasan 提到的，IES 還有很大的成長空間。

We're scaling up our sales force. We see a meaningful opportunity for us to drive new to the franchise growth with our counter partnerships as well as our sales force. And there's still tons of opportunity in our base that the team I'm confident will execute on and get those into yes. You also saw us launch QuickBooks workforce. That gives us confidence in driving platform adoption and taking up payroll offering to something that really resonates with the mid-market.

我們正在擴大銷售團隊。我們看到透過會計師合作夥伴關係以及我們的銷售團隊，推動「新加入本體系」成長有顯著機會。而在我們既有客群中仍有大量機會，我有信心團隊會執行到位，並把那些轉化為成果。你們也看到我們推出 QuickBooks Workforce。這讓我們更有信心推動平台採用，並把薪資產品提升到真正能引起中型市場共鳴的層次。

And we're continue to do product work on both QuickBooks Advanced and IES to provide deeper functionality that resonates with the more complex customers. So these are all things that in addition to the work we do on the money platform that we talked about previously that gives us confidence in a strong turbo growth on the Global Business Solutions platform.

我們也持續在 QuickBooks Advanced 與 IES 上進行產品工作，提供更深的功能，以滿足更複雜的客戶需求。因此，這些因素再加上我們先前談到在資金平台（money platform）上的工作，都讓我們對 Global Business Solutions 平台的強勁加速成長更有信心。

Great. Thank you so much.

很好。非常感謝。

Yes, you're very welcome.

是的，不客氣。

Kirk Materne, Evercore.

Evercore 的 Kirk Materne。

Yes, thanks very much. Just one for Sasan and then a follow-up for Sandeep. Sasan, you mentioned that what's going on in tax has nothing to do with AI. That makes sense. AI has kind of got more powerful than last year. But can you just talk about what you are seeing with AI, whether it's with your tools or competitors, and why you feel that, that trend with models getting more powerful over the next year and coming years doesn't sort of disintermediate some of the strength, frankly, you're seeing in the assisted category.

是的，非常感謝。先給 Sasan 一題，然後再追問 Sandeep 一題。Sasan，你提到稅務那邊正在發生的事與 AI 無關。這很合理。AI 似乎比去年更強大了。但你能否談談你們在 AI 上看到的情況——不論是你們的工具或競爭對手——以及為什麼你認為，隨著模型在未來一年與接下來幾年變得更強大，這個趨勢不會在某種程度上去中介化（disintermediate）你們在「輔助（assisted）」類別中所看到的強勢表現？

And then for Sandeep, can you just talk about Mailchimp, what rightsizing means in terms of the drag on the overall sort of GBSB business? Can you kind of keep the drag to a minimum while obviously taking up the cash flow from that business?

接著想請教 Sandeep，你能談談 Mailchimp 嗎？就整體 GBSB 業務的拖累而言，所謂的「規模調整（rightsizing）」具體是什麼意思？在明顯要承接該業務現金流的同時，你們能否把拖累降到最低？

Yes, Kirk, thanks for your question. And let me take it in a couple of parts just to ensure my answer is specific and not generic. First of all, on assisted tax, it's important to start with the customer. And that is customers that the 88% of our TAM that go to somebody else to do their taxes for them, has nothing to do with how good software gets. This is all about confidence.

是的，Kirk，謝謝你的提問。我會分幾個部分來回答，確保我的回覆具體而不是泛泛而談。首先，談到「協助報稅（assisted tax）」時，重要的是從客戶出發。也就是說，我們 TAM 中有 88% 的客戶會找別人替他們報稅，這跟軟體做得多好無關。這完全是關於「信心」。

And they want somebody else to do their taxes for them because they want to delegate the liability of these very high state decisions for somebody else to ensure that they are accountable for it and that have confidence in the outcome. So it's really important to recognize that over the years, if you look at the structure of the market, the money that's spent on tax experts, accountants and bookkeepers.

他們希望由別人替他們報稅，因為他們想把這些高度利害攸關決策的責任委託給他人，確保有人為結果負責，並且對結果有信心。因此，必須認清的是，多年來如果你看市場結構，花在稅務專家、會計師與簿記員上的支出。

If you look at the structure of the spend, it's actually gone up in the last 5 years in the last year. Does it matter how good technology becomes for that customer. They want to ensure that they have the confidence that building the business the right way, that they're getting their taxes done correctly, whether it's a consumer or business.

如果你看支出結構，實際上在過去 5 年、以及最近一年都增加了。對那類客戶而言，科技變得多好其實並不重要。他們想確保自己有信心把事業用正確方式建立起來，並且確保不論是個人或企業，報稅都做得正確。

So with all of that set with the customer sites and with our declaration years ago where we've built out a virtual expert platform that's all driven by data, AI and AI-powered human expertise, this is where we're structurally advantaged to be able to virtually get your taxes on of the best experience at the best price and provides you benefits like fast access to money, which is quite significant.

在以上以客戶觀點為前提、以及我們多年前所宣示並打造的「虛擬專家平台」——完全由資料、AI 與 AI 驅動的人類專業所支撐——之下，我們在結構上具備優勢，能以最佳價格提供最佳體驗，透過虛擬方式替你完成報稅，並帶來像是快速取得資金等相當顯著的好處。

And I think it shows up in our results, particularly when you look at new assisted customer growth. So from a -- the role that AI plays, it's really important to recognize that the majority of people are buying confidence to get assistance. And it's irrespective of how much software improves, it helps us actually serve them. So that was really assisted tax.

我認為這也反映在我們的成果上，特別是當你看新增的協助報稅客戶成長時。因此，從 AI 所扮演的角色來看，重要的是要認知到：多數人購買協助服務，其實是在購買「信心」。不管軟體進步到什麼程度，AI 反而是幫助我們更好地服務他們。以上就是關於協助報稅。

I also want to touch on the business platform, the whole fuel of our growth in mid-market, in money, the system of intelligence that we have created as a control tower to help businesses and accountants run their business for accounts to serve businesses is all driven by data and AI. And it's important to recognize that businesses, while they use Google, they use LLM to do searches, to queries, you can't run your business within LLM because you're managing your books, you're managing your money, you're managing your payroll and accuracy and compliance of doing that matters and running a business is mission critical.

我也想談談企業平台：我們在中型市場、資金（money）等領域的成長燃料——我們打造的「智慧系統」作為控制塔，協助企業與會計師經營其業務、也讓會計師能服務企業——這一切都由資料與 AI 驅動。而且要認清的是，企業雖然會用 Google、會用 LLM 來搜尋與查詢，但你不能在 LLM 裡經營你的企業，因為你要管理帳簿、管理資金、管理薪資；其準確性與合規性很重要，而經營企業是攸關任務的關鍵。

And so the psyche of businesses is such that -- and accounts is that they need us to be their AI platform to provide expertise so they can run and grow their business. And I think the biggest thing that our partnership with an entropic and an open AI really fuels is -- when you look at our $300 billion in total addressable market where we have 6% penetration, is actually opening up the funnel for us with high intent customers that are just getting started that may want to start with basic capabilities like invoicing, and how do I manage my customers, and we help them do that by connecting the Quickbooks within an LLM, but once they actually become a legitimate business, they want to run their business on our platform, and that's where what we've built, which is really a network effect where accountants recommend us, they use our platform to run their firm and the business, that's where we are very much differentiated with all of our data, AI and expert capabilities that we've invested in. So again, hopefully that answers your question more specifically around how we think about consumers and businesses.

因此，企業與會計師的心態是——他們需要我們成為他們的 AI 平台，提供專業能力，讓他們能經營並成長。我認為我們與 Anthropic 以及 OpenAI 的合作所真正驅動的最大重點是——當你看我們總計 3,000 億美元的總可服務市場（TAM），而我們目前只有 6% 的滲透率——這其實是在為我們打開漏斗，吸引那些意圖很高、剛起步的客戶；他們可能先從像是開立發票、如何管理客戶等基本能力開始。我們透過把 QuickBooks 連接到 LLM 來協助他們做到這點；但一旦他們成為真正的企業，他們就希望在我們的平台上經營企業。這也就是我們所打造的差異化所在——本質上是一種網路效應：會計師推薦我們、他們用我們的平台來經營自己的事務所並服務企業；而我們在資料、AI 與專家能力上的投入，讓我們在這方面非常與眾不同。所以，再次希望這能更具體地回答你關於我們如何看待消費者與企業的問題。

And Kirk, let me address the second phase of the question on Mailchimp. Part of being a disciplined operator is that you could do multiple things at the same time. So our merchant team will still be focused on driving product improvements to resonate the product with the small businesses, driving SMS and other innovation adoption, driving mid-market sales. But we are also looking at the cost profile and adjusting it commensurate with its growth profile. So think about the desktop business where we are able to run that business for solid profitability and then take that profitability, that cash flow, and we invest in our growth engines, the two big bets that we've been calling out on this call and also to take those cash flows and return them to the shareholders.

Kirk，讓我再回應你問題的第二部分，關於 Mailchimp。作為一個自律的經營者，其中一部分就是你可以同時做多件事。因此，我們的商戶團隊仍會專注於推動產品改進，使產品更能引起小型企業共鳴，推動 SMS 與其他創新功能的採用，並推動中型市場銷售。但同時，我們也在檢視成本結構，並依其成長概況做相應調整。你可以把它想成桌面端（desktop）業務：我們能以穩健的獲利能力經營該業務，然後把這些獲利、這些現金流投入到我們的成長引擎——也就是我們在本次電話會議中提到的兩個重大押注——同時也把這些現金流回饋給股東。

As you know, where the market is right now for software generally and particularly where the market is for the segment of software that much operates in the terms of revenue you can get from a third party just aren't there right now, and that's what we are making sure we're running this for profitability and maximizing the value for our shareholders.

如你所知，就目前整體軟體市場的狀況而言，尤其是 Mailchimp 所在的那個軟體細分市場，就「你能從第三方取得的營收倍數／估值」來看，現在並不存在；因此我們要確保以獲利為導向來經營，並為股東極大化價值。

Thank you, Ralph.

謝謝你，Ralph。

You're very welcome.

不客氣。

Thank you. We've reached the end of our question-and-answer session. I would now like to turn back to management for any additional or closing remarks.

謝謝。我們的問答環節到此結束。我現在想把時間交回管理層，請他們做任何補充或結語。

Great. Well, thank you for all the questions, and we look forward to talking to you next quarter. Bye, everybody.

好的。謝謝大家的提問，我們期待下個季度再與各位交流。各位再見。

Ladies and gentlemen, thank you for participating. This concludes today's conference. Goodbye.

各位女士、先生，感謝各位參與。今天的電話會議到此結束。再見。